DREADNOUGHT RESOURCES LTD — Investor Presentation 2023

Jul 20, 2023

Finding the Metals for Our Future NOOSA MINING INVESTMENT CONFERENCE 21 JULY 2023

ASX:DRE

dreadnoughtresources.com.au

Disclaimer

Refer to Dreadnought announcements for JORC Table 1 and Table 2 for results and information contained in this presentation.

Illaara Gold-VMS-Iron Ore Project

27 April 2021 Illaara Update and Regional Target Generation 31 May 2021 Drilling Results – Illaara Au-Cu-Iron Ore Project 7 July 2021 High-Grade Tantalum Results from Peggy Sue – Illaara Project 15 February 2022 Eight Conductors to be Drilled at Nelson and Trafalgar CuPb-Zn-Ag Prospects – Illaara Project 9 May 2022 Drilling Complete at Illaara Project

Kimberley Ni-Cu-Au Project

25 August 2021 RC Results from Orion, Grant’s Find & Fuso Indicate Large Cu-u-Ag-Co System

27 August 2021 Bonanza Grade Cu-Ag-Sb-Bi Mineralisation at rough Triangle 15 November 2021 High-Grade Cu-Ag-Au-Co Discovery at Orion 8 December 2021 Further High-Grade Cu-Ag-Au-Co-Zn Orion Discovery 29 April 2022 EIS Drilling Grants for Mangaroon REE and Orion Cu-Ag-AuCo

22 June 2022 Orion Auger Program – Taraji-Yampi Project 20 June 2023 Highly Conductive Anomalies Enhance Orion Look-Alikes– Taraji-Yampi Project

Mangaroon Ni-Cu-PGE, REE & Au Project

07 April 2021 Option/JV Agreement Signed with Global Base Metal Miner 29 November 2021 Five Carbonatite Intrusions Identified at Mangaroon Project 14 February 2022 Conductors Defined along the Money Intrusion – Mangaroon FQM JV 29 April 2022 EIS Drilling Grants for Mangaroon REE and Orion Cu-Ag-AuCo

17 October 2022 Mineralised carbonatite discovered at C3 and C4 24 October 2022 Broad high-grade assays at Yin REE Discovery 10 November 2022 Exploration Update Mangaroon Ni-Cu-PGE 28 December 2022 Initial High-Grade, Independent Resource Over 3kms at Yin 27 January 2023 Mineralised REE Ironstones increased by 13kms to 43kms 13 February 2023 Rare Earth Ironstone Exploration Target Defined 3 April 2023 Carbonatites deliver thick near surface REE Results 29 May 2023 Metallurgical TestwOrk Supports High Grade Concentrate 6 June 2023 Mangaroon Gold Review and Further Consolidation 13 June 2023 Yin Extended by 1km & 2.5km of High Grade NdPr Discoveries

Bresnahan REE-Au Project

8 February 2023 Bresnahan Emerging As a Light & Heavy Rare Earth Province

This presentation has been prepared by Dreadnought Resources Limited (Dreadnought or the Company). It contains general information about the Company’s activities current as at the date of the presentation. The information is provided in summary form and does not purport to be complete. This presentation is not to be distributed (nor taken to have been distributed) to any persons in any jurisdictions to whom an offer or solicitation to buy shares in the Company would be unlawful. Any recipient of the presentation should observe any such restrictions on the distribution of this presentation and warrants to the Company that the receipt of the presentation is not unlawful. It should not be considered as an offer or invitation to subscribe for or purchase any securities in the Company or as an inducement to make an offer or invitation with respect to those securities. No agreement to subscribe for securities in the Company will be entered into on the basis of this presentation or any information, opinions or conclusions expressed in the course of this presentation. This presentation is not a prospectus, product disclosure document or other offering document under Australian law or under any other law. It has been prepared for information purposes only. This presentation contains general summary information and does not take into account the investment objectives, financial situation and particular needs of any individual investor. It is not financial product advice and investors should obtain their own independent advice from qualified financial advisors having regard to their objectives, financial situation and needs. Dreadnought nor any of their related bodies corporate is licensed to provide financial product advice. This presentation and information, opinions or conclusions expressed in the course of this presentation contains forecasts and forward-looking information. Such forecasts, projections and information are not a guarantee of future performance, involve unknown risks and uncertainties. Actual results and developments will almost certainly differ materially from those expressed or implied. There are a number of risks, both specific to Dreadnought, and of a general nature which may affect the future operating and financial performance of Dreadnought, and the value of an investment in Dreadnought including and not limited to title risk, renewal risk, economic conditions, stock market fluctuations, commodity demand and price movements, timing of access to infrastructure, timing of environmental approvals, regulatory risks, operational risks, reliance on key personnel, reserve estimations, native title risks, cultural heritage risks, foreign currency fluctuations, and mining development, construction and commissioning risk. You should not act or refrain from acting in reliance on this presentation, or any information, opinions or conclusions expressed in the course of this presentation. This presentation does not purport to be all inclusive or to contain all information which its recipients may require in order to make an informed assessment of the prospects of Dreadnought. You should conduct your own investigation and perform your own analysis in order to satisfy yourself as to the accuracy and completeness of the information, statements and opinions contained in this presentation before making any investment decision. Recipients of this presentation must undertake their own due diligence and make their own assumptions in respect of the information contained in this presentation and

==> picture [154 x 122] intentionally omitted <==

should obtain independent professional advice before making any decision based on the information. No representation or warranty, express or implied, is made in relation to the fairness, accuracy or completeness of the information, opinions and conclusions expressed in the course of this presentation. To the maximum extent permitted by law, no representation, warranty or undertaking, express or implied, is made and, to the maximum extent permitted by law, no responsibility or liability is accepted by the Company or any of its officers, employees, agents or consultants or any other person as to the adequacy, accuracy, completeness or reasonableness of the information in this presentation. To the maximum extent permitted by law, no responsibility for any errors or omissions from this presentation whether arising out of negligence or otherwise is accepted. An investment in the shares of the Company is to be considered highly speculative. The exploration targets or conceptual exploration targets in this presentation or expressed during the course of this presentation are subject to completion of the necessary feasibility studies, permitting and execution of all necessary infrastructure agreements. This presentation and information, opinions or conclusions expressed in the course of this presentation should be read in conjunction with Dreadnought's other periodic and continuous disclosure announcements lodged with the ASX, which are available on the Dreadnought website. They involve risk and uncertainties that could cause actual results to differ from estimated results. Forward-looking statements include, but are not limited to, statements concerning the Company’s exploration programme, outlook and target sizes. They include statements preceded by words such as “potential”, “target”, “scheduled”, “planned”, “estimate”, “possible”, “future”, “prospective” and similar expressions.

Competent Person’s Statement

The information in this announcement that relates to geology and exploration results and planning was compiled by Mr. Dean Tuck, who is a Member of the AIG, Managing Director, and shareholder of the Company. Mr. Tuck has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr. Tuck consents to the inclusion in the report of the matters based on the information in the form and context in which it appears.

The Company confirms that it is not aware of any new information or data that materially affects the information in the original reports, and that the forma and context in which the Competent Person’s findings are presented have not been materially modified from the original reports. (referencing historic and new company announcements).

==> picture [960 x 14] intentionally omitted <==

ASX:DRE

2

21 JULY 2023

==> picture [960 x 540] intentionally omitted <==

----- Start of picture text -----

Company Snapshot
Capital Structure
ASX Code DRE
Share Price (19/07/2023) $0.060
Shares on Issue 3,328M
Market Cap $199.7M
Cash (31/03/2023) ~$17.5M
Unlisted Securities (various strike prices) 89.3M
Liquidity (90-day average) ~$0.5M / day
Board and Management Cash Investment ~$5,300,000
Board & Management
Paul Chapman Non-Executive Chairman
Dean Tuck Managing Director
Philip Crutchfield Non-Executive Director
Robert Gee Non-Executive Director
Debbie Fullarton Chief Financial Officer
Matt Crowe COO & Exploration Manager
ASX:DRE 21 JULY 2023 3
Jessamyn Lyons Company Secretary
----- End of picture text -----

Mangaroon REE

REE-Nb-P-Ti-Sc

==> picture [212 x 334] intentionally omitted <==

==> picture [960 x 14] intentionally omitted <==

ASX:DRE

21 JULY 2023 4

==> picture [960 x 540] intentionally omitted <==

----- Start of picture text -----

Mangaroon Project
Rare Earths - Niobium: (100%)
•
Ironstones: high-grade, high NdPr, de-risked
metallurgy
•
Resource (Ind+Inf): 20.3Mt @ 1.03% TREO
•
Exploration Target: 50-100Mt @ 0.9-1.3%
TREO
•
Carbonatites: Multiple pulses of high-grade Rare
Earths, Niobium, Phosphate, Titanium and
Scandium
Gold: (100%)
•
Historical high-grade gold mined by pastoralists
and prospectors, no modern exploration
Ni-Cu-PGE: (FQM earning up to 70%)
•
FQM earning 51% by spending $12M and a
further 19% by sole funding to a Decision to Mine
ASX:DRE 5 July 2023 40% Increase in Resource Tonnage at Yin
ASX:DRE ASX:DRE 13 February 2023 REE Ironstone Exploration Target Defined 21 JULY 2023 5
----- End of picture text -----

==> picture [960 x 540] intentionally omitted <==

----- Start of picture text -----

Yin Ironstone Resource
Discovery to Resource 6 Months
•
Covers less than 10% of ironstone trends
identified to date
High NdPr:TREO Ratios
•
Region contains the highest NdPr:TREO ratios in
the world
•
28-31% NdPr:TREO ratio
Metallurgy Confirmed
•
Region contains some of the highest rare earth
recoveries in the world
•
Standard flotation sheet, high grade monazite
concentrate
•
15.31% Nd2O3 + Pr6O11 with 92.8% recovery
•
10.76% Nd2O3 + Pr6O11 with 85.9% recovery
Mt TREO (%) Nd 2 O 3 +Pr 6 O 11 (kg/t) NdPr:TREO (%) Contained TREO (t) Contained Nd 2 O 3 +Pr 6 O 11 (t) Cut-Off (%TREO)
20.06 1.03 2.9 28% 205,900 58,400 0.20
12.49 1.41 4.3 29% 182,800 53,300 0.40
8.38 1.88 5.6 30% 157,700 47,000 1.00
ASX:DRE 5.66 2.18 6.5 30% 123,400 37,000 21 JULY 20231.50 6
Yin Indicated + Inferred Resource as adjusted for different cut-off grades.
----- End of picture text -----

==> picture [869 x 377] intentionally omitted <==

----- Start of picture text -----

Recovery and NdPr:TREO Impact on Grades
Nd+PrTREO Grade of Global Deposits Recoverable Nd+Pr Grade of Global Deposits
6.00%1.40% 0.90%
0.80%
1.20%
5.00%
0.70%
1.00%
4.00% 0.60%
0.80%
0.50%
3.00%
0.60% 0.40%
2.00% 0.30%
0.40%
0.20%
1.00%
0.20%
0.10%
0.00%0.00% 0.00%
----- End of picture text -----

ASX:DRE

t s e The Ironstone Dykes of the Gifford Creek CarbonatiBut the NdPr:TREO Ratio moves them up a few spo Complex arbased on th e at the low grade end of hard rock depositspayable Nd+Pr grade

The simple mineralogy and high recoveries means that the recoverable Nd+Pr grade moves the region up behind the world class deposits. 21 JULY 2023 7

==> picture [960 x 14] intentionally omitted <==

21 JULY 2023 7

==> picture [960 x 540] intentionally omitted <==

----- Start of picture text -----

NdPr:TREO Ratio Impact on Concentrate
The monazite concentrates from the Yin Ironstones
Mineral Concentrate Grades of Australian, Canadian
and American LREE Projects and the wider Gifford Creek Carbonatite Complex
12% 70% O O
are some of the highest grade (in Nd2 6 + Pr6 11)
and highest value mineral concentrates in the
10% 60% world.
50%
8%
For every ton of monazite concentrate processed:
•
40% More Nd+Pr (Higher Value)
6% •
Less Ce+La (Lower Costs)
30%
4% 20% More in line with global Rare Earth Demand:
•
By 2030 40% of rare earth demand will be Nd+Pr
2%
10% •
By 2050 50% of rare earth demand will be Nd+Pr
0% 0%
Yangibana Yin Mountain Necholacho Mt Weld Wicheeda Cummins Nolans The market will become even more flooded in
Pass Range Bore
low value rare earths to meet the Nd+Pr
Concentrate Nd2O6+Pr6O11% Concentrate TREO%
demand due to the production of low
ASX:DRE NdPr:TREO deposits. 21 JULY 2023 8
11
O
6
+ Pr
6
O
2
Nd
----- End of picture text -----

Yin Ironstone Complex

Large Scale Potential

• 43kms of REE Ironstones

• Yin Resource is only ~10% of known strike

High Tonnage Intensity

• Regionally significant thicknesses

• ~4.8 Mt / strike km at Yin

• ~1.25 Mt / strike km at Yangibana

• Next Steps

• Infill drilling – underway

• Resource Upgrade September / October 2023

• Ongoing Metallurgical Test work

• MREC Test work

• Deliver Scoping Study

==> picture [499 x 390] intentionally omitted <==

==> picture [960 x 14] intentionally omitted <==

ASX:DRE

9

21 JULY 2023

==> picture [960 x 540] intentionally omitted <==

----- Start of picture text -----

CI-C5 Carbonatites
Large Scale Potential
•
Multiple carbonatite intrusions identified
•
Bulk tonnage with near surface supergene
enrichment
Multiple Critical Metals
•
Rare Earths
•
Niobium
•
Phosphate
•
Titanium
•
Scandium
First pass work only just commenced
•
~30% of wide spaced first pass drilling completed
to date with multiple zones of mineralisation
identified
Next Steps
•
Complete first pass drilling
•
Follow up infill drilling
•
Resources and Metallurgy
ASX:DRE 21 JULY 2023 10
----- End of picture text -----

==> picture [960 x 540] intentionally omitted <==

----- Start of picture text -----

C3 REE-Nb-P-Ti-Sc Carbonatite
ASX:DRE 21 JULY 2023 11
----- End of picture text -----

Project Portfolio

Nickel Copper Gold Silver Lithium

==> picture [212 x 334] intentionally omitted <==

==> picture [960 x 14] intentionally omitted <==

ASX:DRE

21 JULY 2023 12

==> picture [960 x 540] intentionally omitted <==

----- Start of picture text -----

Project Portfolio and Pipeline
Kimberley Cu-Ag-Au-Co (100%, E04/2315 80%)
• Orion Cu-Ag-Au-Co massive sulphide discovery 2021
•
KMRC022 16m @ 2.2% Cu, 38.7g/t Ag, 6.6g/t Au, 0.4% Co
• 13 Orion Look-a-likes with similar geochemical and geophysical signatures
• Advanced Exploration – Discovery Drilling 2023 and Resource Delivery 2024
Mangaroon Au (100%)
• 14km long mineralised shear zone with dozens of historical digging
• Only historical drilling over ~200m of strike at the Star of Mangaroon
•
MA10: 4m @ 26.0g/t Au from 9m
•
MA17: 7m @ 14.3g/t Au from 21m
• Target Definition and Discovery Drilling 2023
Mangaroon Ni-Cu-PGE (FQM earning up to 70%)
• FQM to spend $15M for 51% and 70% upon decision to mine
• Fertile, high tenor Nickel Sulphide system confirmed in 2022
• Discovery Drilling 2023
Bresnahan HREEs, Au-Ag-Sb (100%)
• Prospective for unconformity HREEs
• Target Generation and Definition Phase – Drill Ready 2024
Central Yilgarn Ni-Au-LCT (100%)
• Nickel Sulphide, Gold and Lithium Potential
ASX:DRE • Target Generation and Definition Phase – Drill Ready 2024 21 JULY 2023 13
----- End of picture text -----

2023 Upcoming Catalysts

==> picture [243 x 170] intentionally omitted <==

• Yin REE Ironstone Resource Upgrade

• Central Yilgarn Target Generation

• Work

• Discovery Drilling at

• • Tarraji-Yampi Regional Mangaroon Gold Discovery Drilling •

  • Discovery Drilling at Mangaroon Money Intrusion Ni-Cu-PGE

• Bresnahan Target Generation Work

• July August September October • • C1-C5 Discovery Tarraji-Yampi Regional Drilling Discovery Drilling

November December • Ongoing Discovery Drilling results

• C3 Maiden Resource

• •

• C3 Maiden Resource REE Ironstone

• • Resource Upgrade Tarraji-Yampi Orion Framework Drilling

==> picture [960 x 14] intentionally omitted <==

ASX:DRE

21 JULY 2023 14

Take Away Message

Strong news flow throughout 2023

• Average >1 ASX announcement / week

Track record of delivering discoveries

• Yin REE ironstone

• C3 and C5 REE-Nb carbonatites

• Sabre/Y8 REE ironstones

• Orion Cu-Ag-Au-Co massive sulphide

• Metzke’s and Longmore’s gold

Four substantial projects, all in Western Australia, with optionality in geography and commodity

• Mangaroon REEs, Au (100%) & Ni-Cu-PGE (FQM Earn-in/ JV)

• Kimberley Cu-Ag-Au-Co & Ni-Cu-PGE

• Bresnahan HREEs, Au-Ag-Sb

• Central Yilgarn Ni-Cu, Cu-Pb-Zn, Au, Li-Cs-Ta, Fe

Experienced management team with a track record of success and strongly aligned with shareholders

• $5.3M invested to date

• ~15% Board and management ownership

==> picture [960 x 14] intentionally omitted <==

ASX:DRE

21 JULY 2023 15

ASX:DRE Dreadnought Resources Ltd

dreadnoughtresources.com.au

==> picture [273 x 540] intentionally omitted <==

==> picture [960 x 540] intentionally omitted <==

----- Start of picture text -----

References: Global REE Deposits
Yangibana: ASX:HAS 28 November 2017. “Successful Completion of Yangibana Definitive Feasibility Study”
Tardiff/Nechalacho: ASX:VML 23 June 2021 “Vital’s Metallurgical Testwork at Tardiff Returns Positive Results fort Stage 2 Operations”
Longonjo: ASX:PM8 15 November 2019 “Preliminary Feasibility Study”
Wicheeda: SRK January 2022 “Independent Preliminary Economic Assessment for the Wicheeda Rare Earth Element Project, British Columbia, Canada”
Mountain Pass: SRK 16 February 2022, “Technical Report Summary, Pre-Feasibility Study, Mountain Pass Mine, San Bernardina County, California”
Nolans Bore: ASX:ARU August 2012 Nolans Project Update; and ASX:ARU 7 February 2019 “Nolans Project Definitive Feasibility Study Summary Report”
Cummins Range: ASX:REE 15 September 2022 “Positive Scoping Study for Cummins Range Shows Potential for Sustainable, Long Life Rare Earths Project
Mt Weld: ASX:LYN 21 September 2012 “Significant Increase in Ore Reserves at Mount Weld” and 6 August 2018 “Lynas announces a 60% increase to Mt weld Ore Reserves,
ond of the worlds richest sources of Rare Earths”
Ngualla: ASX:PEK 24 October 2022 “Ngualla Rare Earths Project Completion of Bankable Feasibility Study Update”
Deposit TREO (%) Nd 2 O 3 +Pr 6 O 11 (%) NdPr:TREO (%) TREO Recovery (%) Recoverable TREO (%) Recoverable Nd 2 O 3 +Pr 6 O 11 (%)
Yangibana 0.93 0.32 34.4 85 0.79 0.27
Yangibana Reserve 1.22 0.43 34.4 85 1.04 0.37
Nechalacho 1.46 0.37 25.2 70 1.02 0.26
Longonjo 1.43 0.31 22.0 35 0.50 0.11
Longonjo high grade 2.38 0.52 22.0 35 0.83 0.18
Wicheeda 2.95 0.29 14.0 75 1.37 0.22
Wicheeda high grade 1.83 0.41 16.0 75 2.21 0.31
Mountain Pass 4.80 0.78 16.3 68 3.26 0.53
Nolans Bore 2.60 0.69 26.0 70 1.82 0.48
Cummins Range 1.15 0.23 20.0 59 0.68 0.14
Mt Weld 5.40 1.22 22.6 65 3.50 0.79
ASX:DRE Ngualla 2.15 0.47 22.0 43 0.92 21 JULY 2023 0.20 17
Table of referenced data used for comparisons
----- End of picture text -----